#rtsprofessionalstudy

The Income Tax Department has extended the deadline for filing Form 10B, 10BB, and ITR-7 for certain categories of taxpayers. The deadline for filing Form 10B and 10BB has been extended till October 31, 2023, from the existing due date of September 30. In this video, I am sharing with you the process of filing ITR-07 including the basic Introduction of ITR-07.

👉 Watch the full video at>> https://youtu.be/zVLB-oS16Ko

Income tax is a levy imposed by the Government of India on individuals and entities, who earn income from taxable sources within or outside India. An individual who earns income from other sources, such as salary or business incomes, is also liable to pay taxes. Indian citizens also have to pay taxes on foreign income. The Income Tax Department charges taxes on different categories of income, such as salary income, business and investment income, capital gains and more.

What is Income Tax Return?

Income tax return is a document which discloses the income earned by an individual in a financial year. It is mandatory for all individuals to file their income tax returns, who are liable to pay tax under Indian Income Tax Act. The due date for filing income tax returns is 31st July, following the end of a financial year.

Income from a variety of sources—salary, business profits, sales of property and houses, dividends or capital gains, interest on investments—can be taxed by the government. The Income-tax Department refunds money to taxpayers if they've paid too much in taxes for a given year.

Is Filing ITR Compulsory?

The short answer is yes, it is compulsory to file your income tax return (ITR) if you are an Indian citizen and you have earned income from any source. If you are a resident in India and have earned any taxable income during the assessment year, then it is mandatory for you to file taxes.

If you are a Non Resident Indian (NRI), then there are specific rules that apply to individuals who are not resident in India. These rules and procedures vary depending on whether the individual has been in India during the tax year or not.

Doing your taxes can be quite tricky, especially if you haven't done them before or if this is your first time doing it alone. You may also find some of the terms used in the process confusing at first such as TDS or TCS etc.

But don't worry because RTS Professional Study is here to help! Let us guide you through each step so that filing your taxes becomes easier than ever before!We offer the best income tax course online. The income tax course we offer is unlike anything else out there. We've spent years developing our system, which combines in-depth instruction with practical application exercises that make learning fun and easy.

Education can have a profound effect on the quality of life. The government has several tax reliefs for those who pay income taxes and invest in educational opportunities. Let's take a look at some of these benefits.

You can claim a deduction of up to Rs. 1.50 lakh for your children's education every year, in respect of tuition fees paid for full-time education in India. This benefit is available together with other deductions like contributions to provident fund and PPF, home loan repayment and life insurance premium. The deduction covers expenses incurred by you on educational courses taken by your children in any school, college or university in India. Coaching classes are not eligible for this deduction.

To claim a tuition fee deduction, you must have paid the fees in respect of any courses or programs at any time during the year. If you have more than two children who are attending full time postsecondary educational institutions at different times in the year, you may claim the deduction for only two of them. However, if your spouse is also working and has paid for his or her own tuition, then he or she can also claim a deduction for other children.

Besides the benefit of tax-free tuition fees, a person can claim deductions for interest paid on education loans taken to finance higher education for certain relatives. To be eligible for this deduction, the education must have been undertaken after completion of Senior Secondary Examination; it can be claimed for yourself, spouse and any number of your children. You can also claim this deduction if you are a legal guardian of a child.

You can claim this deduction for eight years, starting from the year you begin paying the loan. Please note that this deduction is only available for payment of interest; if you make a payment for the principal amount, you cannot claim the deduction. Unlike home loans, there is no monetary limit on claiming this deduction on education loans.

GST return is a document that holds all the details of sales, purchases, tax collected on sales, and tax disbursed on purchases. As soon as you file GST return, you’ll have to pay the resultant tax liability i.e. money that you owe the government. 

The details of sales & purchases of the goods and services plus the tax paid and collected need to be furnished by all enrolled traders, organizations, companies and individuals. Such details are surrendered by filing a GST return and on this, the tax specialists estimate tax liability. The enrolled GST user will need to file the return, encompassing purchases, sales, output GST, and input credit of GST. An enrolled user need to surrender 4 forms to file their GST return: return for purchases, return for sales/supplies, monthly return, and yearly return. Quarterly returns are to be deposited by those who’ve choose the composition scheme. 

Significance of GST return filing:

All the enrolled dealers are needed to file GST returns regardless of the kind of business or turnover during the return filing period. Under the GST Regime, even an inactive business that has acquired GST registration have to file the GST return. Every GST Return Form has been made to assure absolute revelation of each transaction made between buyers and sellers. 

Under GST regulation, each business be it small or large scale need to file returns. These returns are filed to pay taxes alongside to provide data to the government associating to the transactions done by the business during the period under consideration. 

Who’s needed to file GST returns?

In the GST rule, any regular business need to file 2 monthly returns and one yearly return. This amounts to 26 return per year. The number of GST filing differs for quarterly GSTR-1 files. The number of GST filings online for them is seventeen per year. There’re separate GST returns needed to be filed in special cases, for example, for composition dealers who’ve to conduct GST filings five times per year.